Monday, December 29, 2014

You can find free online home valuations on many sites, but, how accurate are they? Chicago appraiser Michael Walsh takes a look at the RealAVM provided by the MRED MLS and those provided free by eppraisal.com and Zillow.com. The results are interesting.

Tuesday, December 23, 2014

Want to know about gentrification? Chicago appraiser Michael Walsh of Citywide Services talks about a neighborhood phenomenon in which middle and upper income persons purchase neighborhood properties and renovate or rehabilitate them.

According to MRED MLS statistics for the last twelve months for MLS area 534, Lyons, the median sales price for Detached Housing increased +26.6%, average marketing time increased +7.3% to 118 days on the market, and there is currently a 5.1 month supply of inventory. This level is a small oversupply. REO & Short Sales account for approximately 51% of total sales.

This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Thursday, December 18, 2014

Single family home prices in Maywood, Il have increased over the last three years. According to MRED MLS statistics for the last twelve months for MLS area 153, the median sales price for Detached Housing increased +25.3%, average marketing time declined -28.4% to 106 days on the market, and there is currently a 5.5 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 54% of total sales.

According to Chicago area appraiser Michael Walsh, this increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Sunday, November 30, 2014

Today Chicago area real estate appraiser Michael Walsh takes a look at current housing statistics in Humboldt Park, and finds prices are increasing and the market oversupplied. Bank owned foreclosures and short sales are still a large factor in the neighborhood.

According to MRED MLS statistics for the last twelve months for MLS area 8023 Humboldt Park the median sales price for Detached Housing decreased +23.2%, average marketing time declined -10.6% to 84 days on the market, and there is currently a 4.9 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 46% of total sales.

Note: This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Monday, November 24, 2014

Today Chicago area real estate appraiser Michael Walsh takes a look at current housing statistics in Brookfield, Il and fnds prices are increasing and marketing times are down.

According to MRED MLS statistics for the last twelve months for MLS area 513 Brookfield, the median sales price for Detached Housing increased +16.6%, average marketing time decreased -26.7% to 66 days on the market, and there is currently a 3.6 month supply of inventory. This level is considered a in balance. REO & Short Sales account for approximately 27% of total sales. (see attached MLS statistics.)

According to MRED MLS statistics for the last twelve months for MLS area 7164 Leyden Township, the median sales price for Detached Housing increased +8.2%, average marketing time declined -27.8% to 91 days on the market, and there is currently a 4.5 month supply of inventory. This level is considered a small oversupply. REO & Short Sales account for approximately 46% of total sales.

Sunday, November 16, 2014

This week real estate appraiser Michael Walsh takes a look at the condominium market in the City of Evanston using statistics from Midwest Real Estate Data the MRED MLS and finds condominium prices on the rise and marketing time down.

According to the MLS in the last 30 days there were 59 new listings for Attached Homes & Condominiums, there were 38 closed sales and 44 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +15.3%, average marketing time declined -41.1% to 83 days on the market, and there is currently a 4.0 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 12% of total sales.

Thursday, November 13, 2014

According to MRED MLS statistics for the last twelve months for MLS area 131 Franklin Park, the median sales price for Detached Housing increased +9.3%, average marketing time declined -39.5% to 69 days on the market, and there is currently a 4.2 month supply of inventory. This level is considered a small oversupply. REO & Short Sales account for approximately 39% of total sales.

Sunday, October 26, 2014

Chicago area real estate appraiser Michael Walsh takes a look at the real estate market in the Village of Skokie using statistics from Midwest Real Estate Data the MRED MLS and finds lots of activity in One-Unit Housing, this includes both attached and detached homes.

According to the MLS in the last 30 days there were 91 new listings for One-Unit Housing, there were 71 closed sales and 79 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +14.7%, average marketing time declined -27.5% to 74 days on the market, and there is currently a 3.9 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 30% of total sales.

A "Triple Dip" is forecast in real estate prices by the national appraisal management company Clear Capital. Their recent study concludes that "As consumer sentiment drops, national home prices follow"

"Heading into fall, home price gains continue to drop," said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. "September marks the 11th month of moderating gains with home price levels back in line with long run averages. With less fuel stoking investors' fire and the consumer yet to feel confident in the market, we expect at best either a return to pre-bubble norms or a departure into negative territory.

If improvements in the job market continue to support a rise in consumer confidence, it's likely that owner occupied buyers will be encouraged to pick up the slack in housing demand, once held steady by investors. While sentiment data is improving as of late, we've yet to see sentiment reach pre-recession levels. Even less encouraging, the index's rate of improvement is softening, alongside home price growth.

Without stronger rates of growth in consumer confidence, price gains could easily fall past the normalized annual rates of growth between 3%-5% and back into negative territory. This has the risk of invoking a negative feedback loop between falling prices and reduced confidence from potential homebuyers. While the housing market has enjoyed abnormally high rates of growth during the last two and a half years of recovery, prices are back to long run historic levels, signaling an effective end to the correction to the correction. True market growth will be dependent on consumer confidence and re-engagement which will be tested over the next few months."

Monday, September 15, 2014

Today real estate appraiser Michael Walsh takes a look at the real estate market in the Village of Western Springs using data from the MRED MLS and finds lots of activity in One-Unit Housing, this includes both attached and detached homes.

In the last 30 days there were 31 new listings for One-Unit Housing, there
were 21 closed sales and 19 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing
increased +7.7%, average marketing time declined -15.7% to 91 days on
the market, and there is currently a 4.12 month supply of inventory. This
level is considered in balance. REO & Short Sales account for
approximately 9% of total sales.

Sunday, August 31, 2014

Today real estate appraiser Michael Walsh takes a look at the real estate market in the Town of Cicero using data from the MRED MLS and finds lots of activity in One-Unit Housing, this includes both attached and detached homes.

In the last 30 days there were 55 new listings for One-Unit homes, there were 31 closed sales and 47 listings went under contract.

In the last twelve months the median sales price for One-Unit Housing increased +26.2%, average marketing time declined -21.7% to 94 days on the market, and there is currently a 3.2 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 59% of total sales.

Note: This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Wednesday, August 27, 2014

Here is what is going on in the condominium market in Arlington Heights, IL. Real estate appraiser Michael Walsh looks
at statistics from the MRED MLS for the last twelve months and finds
prices increasing, there is a shortage of inventory and marketing times are under 90
days. In the last 30 days there
were 54 new listings of attached homes, there were 39
closed sales and 44 under contract. In the last twelve months, the median sales price increased +20.2%, average
marketing time declined
-36.4% to 84 days on the market, and there is currently a 2.4 month
supply of inventory. This level is considered a shortage. Bank Owned and Short Sales accounted for approximately 39% of total sales.

Tuesday, August 26, 2014

Today we take a look at the current real estate market for single family homes in the Uptown neighborhood of Chicago. Real estate appraiser Michael Walsh looks
at statistics from the MRED MLS for the last twelve months and finds
prices increasing, the market in balance and marketing times under 90 days. In the last 30 days there
were 7 new listings of detached single family homes, there were 2
closed sales and 5 under contract. Uptown is mostly condominium and two-four unit buildings so there were only 31 detached home sales in the last twelve months. The median sales price increased +14.3%, average marketing time declined
-39.2% to 87 days on the market, and there is currently a 3.1 month
supply of inventory. This level is considered in balance. There were no Bank Owned sales and only 2 Short Sales.

Saturday, August 23, 2014

Today we take a look at the current real estate market in the Village of South Holland. Real estate appraiser Michael Walsh looks at statistics from the MRED MLS for the last twelve months and finds prices increasing and the market oversupplied. In the last 30 days there were 62 new listings of detached single family homes, there were 26 closed sales and 21 under contract. The median sales price over the last twelve months increased +4.4%, average marketing time declined
-0.8% to 119 days on the market, and there is currently a 5.2 month
supply of inventory. This level is considered a oversupply. REO &
Short Sales account for approximately 50% of total sales.

Friday, August 22, 2014

This week real estate appraiser Michael Walsh appraised a condominium in Carol Stream and reports these statistics. According to MRED MLS statistics for the last twelve months for MLS area 188 Carol Stream, the median sales price for Attached Housing increased +14.1%, average marketing time declined -31.1% to 82 days on the market, and there is currently a 3.9 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 45% of total sales.

Thursday, August 21, 2014

Here is what is going on with the real estate market in the Village of Dolton, IL. Real estate appraiser Michael Walsh recently performed a single family appraisal and has compiled these statistics from the MRED MLS. The median sales
price for Detached Housing decreased -2.6%, average marketing time
increased +19.0% to 125 days on the market, and there is currently a 6.8
month supply of inventory. This level is considered a oversupply. REO
& Short Sales account for approximately 67% of total sales.

Wednesday, August 13, 2014

Real estate appraiser Michael Walsh recently performed a single family appraisal in Homewood and has compiled these statistics. According to MRED MLS statistics for the last twelve months for MLS area 430 Homewood, the median sales price for Detached Housing increased +16.0%, average marketing time declined -11.0% to 113 days on the market, and there is currently a 5.0 month supply of inventory. This level is considered a oversupply. REO & Short Sales account for approximately 34% of total sales.

Sunday, August 10, 2014

Real estate appraiser Michael Walsh appraised a single family home in the Mt Greenwood neighborhood last week and found prices increasing. According to MRED MLS statistics for the last twelve months for MLS area 8074 Mt Greenwood, the median sales price for Detached Housing increased +2.3%, average marketing time increased +9.7% to 102 days on the market, and there is currently a 4.1 month supply of inventory. This level is considered in balance. REO and Short Sales account for approximately 9% of total sales.

Saturday, August 09, 2014

The City of Harvey is located in suburban Cook County, approximately 18 miles Southwest of the Chicago "Loop" the city is in decline. People are leaving, the population was 30,000, at the 2000 census, the population was 25,282 at the 2010 census. Real estate prices have been going down.

Real estate appraiser Michael Walsh recently performed a single family appraisal in Harvey and comments on the statistics. According to MRED MLS statistics for the last twelve months for MLS area 426 Harvey, the median sales price for Detached Housing decreased 6.79%, average marketing time increased +13.1% to 121 days on the market, and there is currently a 8.6 month supply of inventory. This level is considered a over supply. Bank Owned/REO & Short Sales account for approximately 75% of total sales.

Friday, August 08, 2014

Median prices are up +5.1% over the prior year in the Auburn Gresham neighborhood of Chicago, according to data from the MRED MLS. Real estate appraiser Michael Walsh talks about the conditions of the market in this Chicago community area.

Monday, August 04, 2014

Real estate appraiser Michael Walsh performed a appraisal on a condominium last Saturday for the purpose of removing private mortgage insurance. Median prices are up 32.8% over the prior year on attached homes in Elk Grove Village, IL. Check out the video for more stats.

Friday, August 01, 2014

Median sales price for Detached Housing is up +17.1% over the prior year according to MRED MLS statistics.

Marketing time is down -19.6% and averages 115 days on the market.

There is currently 6.2 months of unsold inventory at current levels of absorption. This is a oversupply.

There were 126 total sales in the last twelve months, 95 were Fair Market sales, 16 were
Bank Owned Foreclosures, and 15 were Short Sales. The distressed sales accounted for approximately 25% of total sales in the last year.